At the annual meeting of Berkshire Hathaway, Warren Buffett announced his retirement from day-to-day management. Today on the show, Katie Martin and Rob Armstrong look at his incredible career, and try to figure out what becomes of a somewhat random collection of businesses. Also they go short Google and long complacency.

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You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

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There is fast money and there is real money. Fast money means day traders and hedge funds, who jump in and out on the day's news. But the real money — that of governments and insurance and pension funds — moves much more slowly, and with greater effect. Today on the show, Katie Martin speaks with Ian Smith on what may be a slow turn of allocation out of the US and into Europe. Also they go short consumer confidence and long lepidoptery.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.

You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

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The GDP contracted this past quarter – a turnaround from two years of surprisingly steady growth. Baked into that negative number are imports, as sellers rush to bring in goods ahead of tariffs. Today on the show, Rob Armstrong and Aiden Reiter dissect the GDP and what it tells us about the rapidly changing economy. Also they go long soyabeans and long blackouts.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.

You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Read a transcript of this episode on FT.com

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